Sub-Orbital Transportation and Space Tourism Market Forecasts to 2030 – Global Analysis By Vehicle Type (Sub-Orbital Reusable Vehicles, High-Altitude Balloons and Parabolic Aircraft), Application (Cargo Delivery, Earth Observation/Remote Sensing, Space To

Sub-Orbital Transportation and Space Tourism Market Forecasts to 2030 – Global Analysis By Vehicle Type (Sub-Orbital Reusable Vehicles, High-Altitude Balloons and Parabolic Aircraft), Application (Cargo Delivery, Earth Observation/Remote Sensing, Space Tourism, Satellite Deployment and Other Applications), End User and By GeographyAccording to Stratistics MRC, the Global Sub-Orbital Transportation and Space Tourism Market is accounted for $728.58 million in 2023 and is expected to reach $2505.89 million by 2030 growing at a CAGR of 19.3% during the forecast period. Sub-orbital flights involve brief journeys that do not reach Earth's orbit but still allow passengers to experience weightlessness and witness the curvature of the planet. With the advent of private space companies, it has become a reality for private individuals who seek the thrill of space travel. These companies have developed reusable rockets and spaceplanes that can carry a small number of paying passengers on sub-orbital flights.

According to UBS, the space tourism market alone could be worth $3bn by 2030.

Market Dynamics:

Driver:

Growing emphasis on development in space tourism

During the overcast period, it is predicted that space tourism would become more significant and well-liked. Space tourism will enable the general public to arrange a trip to space just for leisure. The frontier of space tourism is being expanded by companies like Virgin Galactic and Blue Origin. Projects involving additional market participants, including Space Adventures' ""DSE Alpha"" project for a circumlunar voyage to the Moon, are also anticipated to spur market expansion.

Restraint:

High cost of sub-orbital transportation and space tourism

The cost of space tourism will be high as a result of recent developments in space tourism and stiff competition among leading aerospace companies. This factor is expected to emerge as a leading restrictive factor for the global sub-orbital transportation and space tourism market. For instance, initial ticket costs for space tourism sold by Virgin Galactic are in the range of USD 200,000 to USD 250,000 and are only expected to increase in the future.

Opportunity:

Development and launches in spaceships and spacecrafts

The billionaires are spending a lot of money developing and testing spaceships that can be used for space tourism. The markets for space tourism and suborbital travel will benefit even more from this. As an illustration, Blue Origin just flew ""New Shepard,"" or NS-17, which carried NASA's lunar landing hardware for its second trip. The New Shepard, a rocket-and-capsule system, is entirely self-contained and does not require manual control from the inside. In the near future, such advances are likely to open up new options for space tourism, spurring industry expansion.

Threat:

Delay in space tourism flights

The delay in space tourism flights poses a significant threat in the sub orbital transportation and space tourism market. As the commercial space industry aims to make space travel accessible to private individuals, postponements in space tourism flights can lead to several negative consequences. First and foremost, delays can erode customer confidence and enthusiasm, potentially leading to a decline in demand for space tourism experiences. Potential customers may lose interest or opt for alternative experiences due to uncertainty surrounding the timing of their space journey.

Covid-19 Impact:

The COVID-19 pandemic's unexpected emergence severely disrupted practically every industry, and the suborbital travel and space tourism sectors are no exception. The shutdown prevented the development of anything besides drugs and vaccinations, which had a devastating impact on the sub-orbital transportation and space tourism industries worldwide. To protect the safety of the crew, the satellite launch activities and tests were also put on hold, which hindered the market's expansion.

The space tourism segment is expected to be the largest during the forecast period

The space tourism segment held the largest share in the market owing to the increasing initiatives by companies operating in the market for development of more affordable solutions for space travel. Space tourism is expected to take place either on established government-owned spacecraft, including the Russian Soyuz, as well as the International Space Station (ISS) or other private-company-owned vehicles. Space tourism has gained new popularity after journey of the world's first space traveler, who was an American businessman.

The high-altitude balloons segment is expected to have the highest CAGR during the forecast period

During the projection period, the high-altitude balloon segment is expected to have the greatest CAGR due to businesses' growing emphasis on transporting clients in high-altitude balloons to the stratosphere. For instance, Space Perspective is focusing on sending paying customers to the edge of space, where they may get a rare view of the Earth's curvature. Customers will be able to travel to the stratosphere in a spherical white capsule named Neptune, which resembles a spinning top and has big glass windows that would provide a better view. The propellant will be a large, hydrogen-filled, translucent balloon.

Region with largest share:

The North America region market is estimated to witness the highest share of the global Sub-Orbital Transportation and Space Tourism market during the forecast period. A growing number of successful demonstrations and rocket launches by large corporations in this sector have created new, lucrative, and high-potential prospects for both those companies and other companies looking to enter the field. Additionally, these successful testing have shown that these systems are feasible and can help businesses market their own products. The space ports that enable sub-orbital spaceflights, like the West Texas Launch Site and the Spaceport America Launch Site, are anticipated to increase sub-orbital transportation and space tourism operations and propel the expansion of the North American market.

Region with highest CAGR:

The Asia Pacific region is expected to have the highest growth rate over the forecast period. Due to increasing initiatives by companies to offer tourists rides to space. CAS Space, which is a business spinoff of the Chinese Academy of Sciences (CAS), has been developing rockets for commercial satellite launches and declared its intention to take humans into space. CAS Space is developing a single-stage reusable rocket capable of carrying up to seven passengers for a 10-minute flight above the Kármán line at 62 miles, which is recognized as the boundary of Earth's atmosphere and outer space.

Key players in the market

Some of the key players in Sub-Orbital Transportation and Space Tourism market include Aerostar International, Inc., Blue Origin , Equatorial Space Systems Pte Ltd., Exos Aerospace Systems & Technologies, Inc., Near Space Corporation, Orbspace, PD AeroSpace, Raven Aerostar, Space Exploration Technologies Corp. (SpaceX), Space Perspective Inc., Swedish Space Corporation, UP Aerospace Inc., Virgin Galactic Holdings Inc., World View Enterprises, Zero 2 Infinity S.L and Zero Gravity Corporation.

Key Developments:

In January 2022, Chinese firm Space Transportation announced to have raised more than USD 46.3 million for its hypersonic space plane plans in a new fundraising round. The funding will be used to develop commercial suborbital and hypersonic vehicles.

In August 2021, Virgin Orbit confirmed plans to become a public company by merging with a special purpose acquisition company (SPAC). The combined company is valued at $3.2 billion, and Virgin Orbit will receive $483 million in cash at close, including a $100 million PIPE.

In April 2021, Florida-based space balloon company Space Perspective , which is a business that plans to offer tourists stratospheric balloon flights, officially opened ticket sales just days after its first test flight

Vehicle Types Covered:
• Sub-Orbital Reusable Vehicles
• High-Altitude Balloons
• Parabolic Aircraft

Applications Covered:
• Cargo Delivery
• Earth Observation/Remote Sensing
• Space Tourism
• Satellite Deployment
• Remote Sensing & Earth Observation
• Other Applications

End-Users Covered:
• Commercial
• Military
• Government
• Other End users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements